The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-03-23
COUPONS.
The Virginia State Debt.
To The People Of Virgiaia

Al a meeting Of Virginia BOndholders. con
vened by the Council of Foreign BondhOidcrs
ana held on Friday. the 2ith Of September
ieoo az inc CannOn-street Hotel. London
| me following resolutions were passed unani
| mOusly.
That this meeting deploros the long contest
| INTO which the bOndhOlders have been force.
| FOR the maintenance Of their rights ana Will
| asserting rs steadfast determination not 10 az.
| 'ept the Rddlcbcrgcr settlement which Ir
view ~ the admitted ability of Nirgiui9 10 aef.
ne WIN her creditors, and the sacrifices thoy
/ nave already made on her behalf N ron.fIer.
| dishonest and unjust. hereby eypr.sSes n,
! Willingness 10 meet the State and entertain "a
| reasonable compromise based upon the pres
| INT taxation and the available revenue. after
| providing for the Constitutional apur,,friqflon
| pendlture"
The State had the benefit Of the whole ~ the
money she originally borrowed C$340I0OO. II
laid the foundation OF her ronds. railways ana
canals and has brought millions OF dollars
lnto the country. Had you not constructed
these public works with the bOudhOldors
money you would have a. be- taxed now FOR
hem.
No State which borrowed money eyer an
JQyed the benefit OF Is loans more than Viz
Session, l517-'1s
The present unsettled condition OF the debt
Is keeping capital and immigration out ~ Yir
gnia, ana a. long rs matters so continue you
WI. never develop the splendid resources Of
puc-Nldltln the way they deserve.
The revenue Of Virginia + increasing The
iast assessment shows an increase OF $500
10 IN taxable values. Your present revenue
might Ice largely increased IL the taxes were
more carefully collected and the present as
..ss1nents on property egualzed throughout
the State.
mt might have been difficult 10 DO a few
years ago i easy now. and each year the bur
den viii become lighter. when the debt ques-
ton Is settled capital and enterprise, which
now holds alOOf will flow into the State.
The settlement offered by the bOndholders
proposes that the bonds now I'm existence bear.
ing taH-receyable coupons should be- deposited
IN some trust company; that new bonds should
De issued In their place bearing no tax reoeiy
abe coupons. and at low rate OF interest.
W hen the State pays "A half years interest IN
the new bonds, the tax receivable coupons FOR
that halt year shall De- cut of the old bonds by
me trust company, cancelled. and delivered %
the state. Any Increase on the present rcye
nue. viii De appropriated by the state. and
the bOndholders will not have any claim ON 90.
u There was a cash balance last July in the
treasury OF <13I,tS0, and the average purchase
)f hlddloDcrger 3s by the State has been 40
me rate OF soD,OO per annum IN cash. The
state has some millions of dollars OF assets
which would help her In arranging a settle
nent.
The bondholders are as deeply interested as
you are I'm maintaining the credit and prosper
" OF your state. They AJAX for a fair hearing
ma "A discussion of the question by business
men, and not 10y politicians. whose Interest ~
) 10 prevent an understanding being arrived
Il and All honorable compromise made.
The beat way OF bringing about this settle
nent IL for taxpayers 10 tender coupons IA
,ayment of their taxes. In view OF the con
iliatOry spirit and liberal offer made by the
rcditOrs ! venture respectfully 20 submit %
'on that IL is your moral duty. AS well ~ yOnr
egal right and privilege, 20 tender coupons Tor
axes now due. JAMES p. COOPER
nO2R